This is 1D timeframe.
This stock took yesterday a very strong support at very big trendline( 1+ yr on daily TF).
Yesterday's wick is very big and it indicates that it wouldn't go down that easily.
Sellers tried but cannot take it down.
Today it shows hugh momentum and moved +20% up.
I tried to find but I can't find any important news as such that it took it up this high.
Here I comes to know that it is totally on technically based rally.
Today's candle is very bullish and thick.
If it gives breakout tomorrow or in coming days, there's a chance that we may again witness same strong momentum in future.
This post is for information purpose only.
Just shared cause I like to share my analysis.
I'm not a pro trader.
This stock took yesterday a very strong support at very big trendline( 1+ yr on daily TF).
Yesterday's wick is very big and it indicates that it wouldn't go down that easily.
Sellers tried but cannot take it down.
Today it shows hugh momentum and moved +20% up.
I tried to find but I can't find any important news as such that it took it up this high.
Here I comes to know that it is totally on technically based rally.
Today's candle is very bullish and thick.
If it gives breakout tomorrow or in coming days, there's a chance that we may again witness same strong momentum in future.
This post is for information purpose only.
Just shared cause I like to share my analysis.
I'm not a pro trader.
Comment:
30.5% - 31% gain since breakout after post(10th July)
Almost 21% since the 13 July
Almost 21% since the 13 July
Again on daily TF, a long wicked candle is formed in red, but volume is less and that's a positive sign for bulls who are riding themselves in this one.